Client vs. Customer: Semantics or a really big deal?
It has become one of my favorite sayings - “In real estate, representation is everything”.
I find that to be especially true in this current buyer’s market. So many buyers missing out on great opportunities because they are unaware that they are entitled to a very special kind of representation and instead wind up working with an agent who is acting in the best interest of the seller.
In my most recent article in Dan’s Hamptons “Ask the Expert” column, I covered a few basics on how a buyer can tell who the agent represents and why that’s important.
Hopefully, the tables below will clarify any confusion as to the two very different relationships when it comes to buyers working with real estate agents.
Please don’t be thrown off by the word customer. People automatically associate that word with someone who is purchasing something -- thereby relating it to the buying side of real estate. Well, that’s not necessarily so, a customer can be a seller as well. In real estate jargon, the definition of customer is “the third party with whom the agent deals on behalf of the principal (client). Sounds pretty unappealing, doesn’t it?
Hampton One R. E. Group
You’re Hamptons Exclusive Buyer’s Agent- where all our buyers are clients
|
CUSTOMER |
RESPONSIBILITY |
|
HONESTY |
Ensure all laws and regulations pertaining to the transaction are obeyed |
|
ACCOUNTING |
Safeguard money and property held on behalf of the customer |
|
REASONABLE SKILL |
Provide customer with standards of practice and competence that are reasonably expected. |
|
DISCLOSURE (Material Fact and Agency) |
Disclose material facts about a property. Disclose agency relationship. Explain the difference between a customer and client relationship in a timely fashion SO THAT A CUSTOMER CAN PROTECT THEIR OWN INTERESTS! |
|
CLIENT |
DUTY |
|
FULL DISCLOSURE |
Disclose all info that might affect the clients decision |
|
LOYALTY |
Do not conduct the clients business in such a way to benefit the customer or any other party to the detriment of the client’s interest |
|
CONFIDENTIALITY |
Do not divulge any confidential information about the client told or learned by the agent within the agency relationship |
|
REASONABLE CARE AND DILIGENCE |
Protect the client from foreseeable risks or harm and recommend the client obtain expert advice or assistance when needs are outside the scope of the agents expertise |
|
OBEDIENCE |
Act subject to the client’s continuous control (following all lawful instructions) |
|
ACCOUNTING |
Safeguard money and property held on behalf of client |
Anyone in the Hamptons need a good tree removal guy? I have a name for you. It’s Doug Jackson of Action Jackson Tree Service.
Doug Jackson and I belong to a networking group called Long Island Opportunity Networking (LION for short). Although this networking group pledges to support each other through business referrals, I am most comfortable recommending some one I have engaged through my own experience.
So when a neighbor and I decided to remove some diseased pines in between our properties, I thought I would give Doug a try.
True to his word, he was reliable, reasonable and ready.
I was extremely happy with Doug and his entire crew of six.
I then referred Doug to a couple of friends of mine to do some tree removal in Remsenburg after a wind storm had done some damage. They were more than satisfied with Doug’s service.
So it was a no brainer for me to hire Doug to remove some nasty looking cedar trees too close to the investment home on the east end I just purchased. 
These trees were literally a few feet next to the house, rubbing against the siding and roof and blocking out the natural light. There was also a dead wild cherry tree looming over the back extension of this house.
Doug showed up on the scheduled date right on time. Six men. Many chain saws. Three trucks one with a bucket boom. A huge chipper. Stump remover. You name it, Doug had it. And he stayed on site, supervising throughout the day.
From dawn to dusk Doug’s men worked tirelessly and carefully. Very pleasant guys, one and all.
I wasn’t sure how the neighbors would react to all the commotion, but was happy to see this work was welcomed as the house was known as the neighborhood eyesore.
Doug sweetened the pot by having his men cut the wood (many cords) into fireplace sized pieces and offered it to all. (I thought Doug’s guys worked fast, you should have seen this wood disappear!)
By the end of the day, twenty plus trees down, limbs chipped for mulch, and stumps grinded so I can replant. A neighbor commented that it was the first time she had seen the house in thirty years!
There you have it. Need a tree removal in the Hamptons?
Doug Jackson is your guy.
ACTION JACKSON TREE SERVICE AND LAND CLEARING
631 728-1111
Actually, nowhere. It doesn't exist. There is however a Quogue, and there is also a Village called East Quogue. They both are great communities in the township of Southampton, LI. Both places offer exceptional living.
But Bill, you say, I'm sure I saw some real estate ads with homes that had the town "Quogue East" in the headline.
I'm sure you did. It's a ploy. A rouse.
You see while the two villages border on each other, they are substantially different, and although East Quogue is a very special place to live , the median listing price of a home in Quogue is $1,795,000 as opposed to East Quogue's median listing price of $759,900 (Zillow Jan., 2010).
Certain real estate agents seem to think it's ok to twist the two words (it's not)so that an unwary buyer, perhaps yourself, will call thinking they are looking at a home on the eastern end of Quogue. Your not. Your going to East Quogue.
If your looking to purchase Hampton's Real estate, this is just one of many reasons it pays to work with a Hampton's Buyer's Broker.
Call me and I will give you countless more reasons to work with a Hampton One agent, The Buyer's Broker.
I always put my client's needs first. Always, without exception.
Bill Carroll
Hampton One Real Estate Group
631 241 8168
The Town of Southampton, NY is making it easier for first time home buyer's to purchase a full time residence in the Hamptons.
The town is now offering an exemption of the Peconic Bay Region Tax Community Preservation Fund for those who qualify.
Purchases must meet the following criteria;
Subject property must be primary residence
No prior ownership at anytime in previous three years
Buyer does not own a vaction or investment home anywhere
Buyer's household income must not exceed limits defined by SONYMA (currenty $122,160)for one and two person household for Suffolk county
Subject property must be within 120% of purchase price limits defined by SONYMA low interest rate mortgage program for one and two person household category for Suffolk County (currently $765,168) for improved property (home plus land)
For more information or to get applications go to www.southamptontownny.gov
Looking for something different for the kids to do during their upcoming school breaks? The Westhampton Beach Performing Arts Center (PAC) will be holding School Vacation Adventure Camps on Feb. 18-22, 2008 and April 21-25, 2008.
The mission of the Missoula Children's Theatre Camp is to develop life skills - creativity, social skills, goal achievement and self-esteem through participation in the performing arts.
As many as 60 pre-registered youngsters may attend full day sessions which will include rehearsals, workshops, improv, singing, a talent show and more. The camps culminate with performances of Cinderella on Feb 22nd and Rumplestiltskin on March 25th.
Tuition is $325.00 for each camp and pre-registration is required. For more information, or to register, go to http://www.whbpac.org/ or call Cheryl at 631-288-2350 ext 102
Representing home buyers throughout The Hamptons. If you're looking to buy, invest, or rent in the Hamptons, please call or email us to find out more about the advantages of a "buyer's broker".
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